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forward industries inc (FORD) Details

Forward Industries, Inc., together with its subsidiaries, designs, markets, and distributes carry and protective solutions primarily for hand held electronic devices. The company offers carrying cases and other accessories for medical monitoring and diagnostic kits; and other portable electronic and non-electronic products, such as sporting and recreational products, bar code scanners, smartphones, GPS location devices, tablets, firearms, and other products. Its hand held electronic devices comprise soft-sided carrying cases, bags, clips, hand straps, protective plates, and other accessories made of leather, nylon, vinyl, plastic, PVC, and other synthetic materials. The company sells its products to original equipment manufacturers in the Americas, the APAC, and the EMEA regions. Forward Industries, Inc. was founded in 1954 and is headquartered in West Palm Beach, Florida.

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Forward Industries Inc. Enters into Claim Release with Zurich American Insurance Company

Jun 29 15

On June 26, 2015, Forward Industries Inc. entered into a claim release (the claim release) with Zurich American Insurance Company (ZAIC) with respect to the settlement agreement and mutual release (the settlement agreement) previously disclosed regarding a lawsuit filed by James McKenna, the company's former Chief Financial Officer, on August 26, 2014 in the U.S. District Court for the Southern District of New York against the company and then-directors Frank LaGrange Johnson, Robert Garrett, John F. Chiste, Timothy Gordon and Owen P.J. King, alleging purported claims of retaliation for whistleblowing under the Dodd-Frank Act, breach of contract and breach of the covenant of good faith and fair dealing all as against the company, and a single claim for tortious interference with contract as against the individual defendants. Pursuant to an Employment Practices Liability Policy (the policy) issued by ZAIC that affords coverage for employment-related Wrongful Termination, Discrimination, Sexual Harassment and Workplace Torts liability, under which the company is an insured, the company submitted a claim in which it sought coverage for the aforementioned settlement agreement in the amount of $425,000, representing reimbursement of a portion of the settlement amounts set out in the settlement agreement. Such sum represents fully ZAIC's coverage obligations under the Policy with respect to the settlement agreement.

Forward Industries, Inc. Announces Management Changes

Jun 29 15

Forward Industries Inc. announced the appointment of Terence Wise, who presently serves as the company’s Chairman of the Board of Directors, as Chief Executive Officer of the company and Michael Matte as Chief Financial Officer of the company, following the expiration of Michael Luetkemeyer’s term as Interim CEO. Messrs. Wise and Matte will assume their appointments with immediate effect. In addition, the Board of Directors announced the appointment of Scott Fine as Lead Director of the Board and Dr. Sharon Hrynkow as a new director of the Board. Mr. Matte currently serves on the Board of Directors of Coqui Radio Pharmaceutical.

Forward Industries Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended March 31, 2015

May 14 15

Forward Industries Inc. announced unaudited consolidated financial results for the second quarter and six months ended March 31, 2015. The company generated an operating loss of $0.7 million in the fiscal 2015 second quarter compared to an operating loss of $0.3 million in the fiscal 2014 second quarter, primarily due to $0.4 million of increased professional fees for legal support and representation associated with employment litigation and other legal matters, plus $0.3 million of accruals for employment settlements with the former CFO and the former CEO. Net sales increased $0.5 million, or 7%, to $7.2 million in the fiscal 2015 second quarter from $6.7 million in the fiscal 2014 second quarter. Net loss from continuing operations was $0.7 million and $0.3 million in the fiscal 2015 and 2014 second quarters, respectively. After deducting preferred stock dividends and accretion, the fiscal 2015 and 2014 second quarter net loss from continuing operations was $0.7 million and $0.35 million, or $0.08 and $0.04 per basic and diluted share, respectively. Net loss applicable to common equity was $689,582,000 against $348,586,000 for the same period of last year. Net income per basic and diluted common shares was $0.08 against $0.04 for the same period of last year.
The company generated an operating loss of $2.4 million in the fiscal 2015 six-month period compared to an operating profit of $0.1 million in the fiscal 2014 six-month period, primarily due to $1.4 million of increased professional fees for legal support and representation associated with employment litigation and other legal matters, plus $0.9 million of accruals for employment settlements with the former CFO and the former CEO. For the six months, net sales were increased $0.1 million, or 1%, to $15.2 million in the 2015 period from $15.1 million in the 2014 period. Net loss from continuing operations was $2.4 million and $64,000 in the fiscal 2015 and 2014 periods, respectively. After deducting preferred stock dividends and accretion, the fiscal 2015 and 2014 period net loss from continuing operations was $2.9 million and $32,000, or $0.34 and $0.01 per basic and diluted share, respectively. Net loss applicable to common equity was $2,665,068,000 against $46,058,000 for the same period of last year. Net income per basic and diluted common shares was $0.31 against $0.01 for the same period of last year.

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